Planning refinancing your home in Los Angeles? Do not let the bad judgment of funding keep your loan. Here are some common mistakes people make that can easily jeopardize your loan. Perhaps the first mistake people make is to get an appraisal done before choosing a lender.
Banks and mortgage companies have rules and regulations that they have to go by when it comes to assessing home. They will only use appraisers who have been approved by them. Not so long ago collusion between homeowners and appraisers was rampant. When I first got into the business, Loan Officer will call the assessor and set up an appointment.
They will search until they find an property appraiser of los angeles who is willing to give them any value they need to make loans. If the first Loan Officer called to say no, it’s not a big deal. There is always someone out there who would be willing to give them the value they need. Soon the house rated nowhere close to what they deserve.
Borrowers find themselves saddled with a much larger loan than the value of their homes. Lenders have since been moved to take the borrower completely out of the equation. Loan Officer tells you about problems at home have. Quite often there is a simple low-cost way to clear up issues with the property.
If you wait until the assessors found the problem everything will be delayed. You have to fix the problem, then pay the appraiser to get out to verify this problem has been fixed. You will end up spending more money and cause a significant delay in the loan process.